Franklin County National Bank v. First National Bank

The Franklin County National Bank and the First National Bank of Greenfield both hold promissory notes signed by the Greenfield Tool Company, which Simeon Phillips also “ signed on the back.” The notes were given for the benefit of the company, and Phillips signed for its accommodation. We assume that the notes are on time. In pursuance of an arrangement agreed to by all these parties, the company executed to Phillips mortgages of certain of its real property, conditioned to save Phillips harmless from all loss by reason of his signing or indorsing any notes for, or on account of, the…